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Loop through list and only autofilter and change the status.

Why autofilter? You can use scripting dictionary like below. Using your example sheet.

Code: 
Sub Test()
Dim dict As Object
Dim cel As Range

Set dict = CreateObject("Scripting.Dictionary")
dict.CompareMode = vbTextCompare

dict.Add Key:="INDIA", Item:="IN"
dict.Add Key:="USA", Item:="U"
dict.Add Key:="UK", Item:="K"

For Each cel In Range("A2:A" & Cells(Rows.Count, 1).End(xlUp).Row)
    If dict.exists(cel.Value) Then
        cel.Offset(, 1).Value = dict.Item(cel.Value)
    End If
Next cel

End Sub
 

Hi !

Even no need a code, just with a worksheet formula …
And by code, why an autofilter ?!
​
 
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